Consumer site poised to make sourcing 'simples'
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COMPARETHEMARKET.COM, SYSTEM COULD PASS LEADS TO BROKERS
ComparetheMarket.com is looking to launch a mortgage sourcing system on its website which will pass leads on to brokers, Mortgage Strategy understands.
The comparison firm has a questionnaire format on its site where users can fill in their details and then be transferred to brokerage London
& Country.
But the company is currently reviewing its mortgage proposition and is believed to be looking at adding a sourcing system that would transfer users to either one or a panel of brokers.
Industry sources say that Mortgage Brain is one of the names in the frame to supply the site with its sourcing system. It recently invested £3m in updating its technology and has developed a business-to-consumer system that can link to brokers’ websites.
ComparetheMarket.com is looking to launch its system in the next six months and could charge brokers a fee to appear on the panel. In return brokers would receive advertising space on the site and mortgage leads.
One source says the firm wants to retain a higher commission from the sale of mortgages than it currently does with London & Country, which is why it is looking at alternative routes to market.
Jeremy Moll, commercial director at ComparetheMarket.com, could not comment on its plans other than to confirm that the site is reviewing its proposition.
He says: “I can confirm that we are reviewing our mortgage proposition and that this process is ongoing. I am unable to give any further details at this point.”
A spokesman for London & Country says it still has a contract in place with ComparetheMarket.com.
Mortgage Brain declined to comment on the subject.
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